Accounts Receivable Automation allows your company to collect payments more easily, reduce processing expenses and even reduce DSO. There are many different types of Accounts Receivable Automation tools and there are two unique processes in Accounts Receivable that require automation:
Automating the clearing of invoices once payments are received may be a difficult process. By automating clearing invoices you get:
Some Accounts Receivable systems automate invoice clearning, but lining up details of payments with your ERP or is very challenging which therefore impacts CA$H application and access to working capital. Gaining visibility and connectivity between your remittance, your bank and your ERP needs solving.
Automating invoices, is also part of the Accounts Receivable transformation process but is harder to implement. But, by eliminating paper invoices, you will transform your department into one of the most optimized departments in your organization.
Invoice Automation allows you to automated the creation and transmission of invoices to your customers. Transforming invoice automation takes a big budget. Upfront Capital expenditure is usually required. In addition, managing the implementation to transform this part of Accounts Receivable Automation may take months or more to complete.
We strongly recommend beginning your Accounts Receivable Automation process by automating your payments. It's easy to manage and makes a tremendous impact on your CASH MANAGEMENT. (See video for more details!)
“Automating our AP department has saved us on average $120,000 a year. When you add in the rebates from virtual card payments, it's insane. Our only regret is that we waited so long to automate.”